over 20 years in africa · regulations are fairly and impartially observed and enforced; that the...
TRANSCRIPT
OVER 20 YEARS
IN AFRICA
Forward-looking statements & Qualified Person Certain statements in presentation constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws, including, without limitation,
the timing and results of: (i) a pre-feasibility study (PFS) at the Kamoa Project; (ii) statements regarding the expected date that the development of the first set of Kamoa twin declines is
to begin; (iii) statements regarding the declines having been designed to intersect the high-grade copper mineralization in the Kansoko Sud area; (iv) statements regarding the projected
depth of Shaft 1 at the Platreef Project in 2018 and the timing of the commencement of the start of Shaft 2 development; (v) statements regarding underground mining to use
mechanized room-and-pillar and drift-and-fill methods; (vi) efforts to upgrade historical resource estimates at the Kipushi Project; (vii) the de-watering program at the Kipushi Project;
and (viii) statements regarding the timing, size and objectives for completion of drilling programs. As well, the results of the preliminary economic assessment of the Kamoa Project and
the prefeasibility study of the Platreef Project constitute forward-looking information, and include future estimates of internal rates of return, net present value, future production,
estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, and estimates of capital and operating costs.
Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Ivanhoe, its mineral projects, or
industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such
statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict"
and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect Ivanhoe’s
current expectations regarding future events, performance and results and speak only as of the date of this presentation.
In making such statements, Ivanhoe has made assumptions regarding, among other things: the accuracy of the estimation of mineral resources; that exploration activities and studies
will provide results that support anticipated development and extraction activities; that studies of estimated mine life and production rates at the Kamoa and Platreef Projects will provide
results that support anticipated development and extraction activities; that Ivanhoe will be able to obtain additional financing on satisfactory terms; that infrastructure anticipated to be
developed or operated by third parties, including electrical generation and transmission capacity, will be developed and/or operated as currently anticipated; that laws, rules and
regulations are fairly and impartially observed and enforced; that the market prices for relevant commodities remain at levels that justify development and/or operation; that Ivanhoe will
be able to successfully negotiate land access with holders of surface rights; and that war, civil strife and/or insurrection do not impact Ivanhoe’s exploration activities or development
plans.
Although the forward-looking statements or information contained in this presentation are based upon what management of Ivanhoe believes are reasonable assumptions, Ivanhoe
cannot assure investors that actual results will be consistent with these forward-looking statements. They should not be should not be read as guarantees of future performance or
results. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed
under "Risk Factors" in Ivanhoe’s most recent Annual Information Form.
These forward-looking statements are made as of the date of this presentation and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities
laws, Ivanhoe does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this
presentation. Ivanhoe’s actual results could differ materially from those anticipated in these forward-looking statements.
This presentation also contains references to estimates of Mineral Resources. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about
many relevant factors. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity
and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from the company’s
projects, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain
extent, upon the analysis of drilling results and statistical inferences that ultimately may prove to be inaccurate. Mineral Resource estimates may have to be re-estimated based on: (i)
fluctuations in copper, nickel, platinum-group elements (PGE), gold or other mineral prices; (ii) results of drilling, (iii) metallurgical testing and other studies; (iv) proposed mining
operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licences.
Disclosures of a scientific or technical nature in this presentation have been reviewed and approved by Stephen Torr, who is considered, by virtue of his education, experience and
professional association, a Qualified Person under the terms of NI 43-101. Ivanhoe has prepared a NI 43-101 compliant technical report for each of the Kamoa Project, the Platreef
Project and the Kipushi Project, which are available under the company’s SEDAR profile at www.sedar.com. These technical reports include relevant information regarding the effective
date and the assumptions, parameters and methods of the mineral resource estimates on the Kamoa Project and Platreef Project cited in this presentation, as well as information
regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this presentation in respect of the Kamoa Project,
Platreef Project and Kipushi Project.
KAMOA
Ivanplats + Ivanhoe Mines – over 20 years in Africa
DRC Exploration
D.R. Congo
95%-owned *
Copper
**PLATREEF: Ivanhoe’s 90%
ownership now reduced
to 64% after a 26% stake
was transferred to B-BBEE entity.
*KAMOA: Subject to offer
by Ivanhoe to sell a further
15% interest to the DRC
on commercial terms.
South Africa
64%-owned **
PGE-gold-
nickel-copper
D.R. Congo
68%-owned
Zinc-copper
100%-owned
Base metals
Key
Development
project
Exploration project
Office
KIPUSHI
PLATREEF
April 2015: Zijin Mining acquired a 9.9%
stake in Ivanhoe Mines Zijin invested approx. C$105 million
to help advance Ivanhoe’s three
principal projects through a private
placement at a price of C$1.36 per
share.
“Zijin will establish a close and
strategic partnership with Ivanhoe
through which we plan to closely
cooperate in the development of
Ivanhoe’s mines.” Chen Jinghe, Chairman, Zijin Mining
“Ivanhoe and Zijin are in detailed,
friendly discussions about the
strategic co-development of our
Kamoa copper discovery.” Robert Friedland, Executive Chairman,
Ivanhoe
Platreef Discovery South Africa
The Bushveld Complex produces ~75%
of global platinum
100 km
Key
Anglo Platinum
Impala
Lonmin
Other
Town / City
Smelter / refinery
PLATREEF DISCOVERY
~30 km Platreef
horizon dips west.
Platreef PGE-Au-Ni-Cu
mineralization
has thicknesses
up to hundreds
of metres.
Platreef licences
on Northern Limb
Key
Platreef
Ivanhoe Mines
Ivanhoe Mines JV
City
Anglo Platinum
Amplats’ Mines
Fault
Property
Boundary
Lonmin
5 km
Platreef
Rietfontein
JVTurfspruit
Macalacaskop
Mokopane5km
Mining Right formally activated November 2014
Permits mining and processing for up to 30 years, renewable for
an unlimited number of consecutive periods each of up to 30
years.
The Platreef ownership structure includes a Broad-Based Black
Economic Empowerment (B-BBEE) partner representing local
communities, entrepreneurs and employees.
Ownership of Platreef is:
Ivanhoe Mines: 64%.
B-BBEE entities: 26%.
Japanese consortium of ITOCHU Corporation; Japan Oil, Gas
and Metals National Corporation (JOGMEC); and JGC
Corporation: 10%.
Platreef’s BBBEE deal ranked as platinum sector’s
2014 top performer in South Africa
Transfer of 26% ownership stake in Platreef Project to a new
special-purpose entity is one of the broadest empowerment
transactions ever done in South African mining.
• 20% held by a trust to benefit 20 local host communities, with estimated combined population of 150,000, in the vicinity of Platreef mine.
• 3% held by a trust for Platreef’s historically disadvantaged, non-managerial South African employees.
• 3% held by a consortium of 187 local entrepreneurial companies and 333 individual shareholders.
Platreef Mining Right formally activated in November 2014.
In January 2015, Ivanplats (Ivanhoe’s subsidiary) was awarded
“platinum sector’s top performer” in South African government’s black
economic empowerment benchmark scorecard.
2015 Prefeasibility Study (PFS)
Phase 1 – 4 million tonnes per year (Mtpa)
Platinum, Palladium,
Rhodium & Gold (3PE+Au)
Production
433,000 oz/yr
Total Cash Cost After Credits $322/oz
of 3PE+gold
Pre-Production Capex $1.2 billion
After-Tax NPV8% $792 million
After-Tax IRR 13%
Development of a large,
mechanized, underground
mine is planned through
a phased approach.
Phased development:
Initial annual rate of 4 Mtpa
to establish an operating
platform; doubling of
production to 8 Mtpa; and
expansion phase to a
steady-state 12 Mtpa.
At a projected production
rate of 12 Mtpa, Platreef
would be among the largest
platinum-group metals
mines in the world.
The economic analysis is based on probable mineral reserves only. Metal price
assumptions used for the PFS economic analysis are: US$1,630/oz Pt, US$815/oz Pd,
US$1,300/oz Au, US$2,000/oz Rh, US$8.90/lb Ni, US$3.00/lb Cu.
Platreef development scenarios
Staged approach to development reduces upfront capital commitment
2018 2020 2022 2024 2026 2028
--
4Mtpa
8Mtpa
12Mtpa
2030
START
CONSTRUCTION STEADY-
STATE
PRODUCTION
For Illustrative Purposes Only
Shaft #2
Shaft #1
4Mtpa concentrator
8Mtpa
concentrator
12Mtpa concentrator
2016 2014
FIRST
ORE PHASE II
(8Mtpa – BASE
CASE)
PHASE III
(12Mtpa)
Stockpiled
First
expansion
decision
Second
expansion
decision
~30kt nickel
refining
capacity
~20kt nickel
refining
capacity
~10kt nickel
refining
capacity
Source: SFA (Oxford). Data for Platreef Project and Waterberg are based on each project's respective reported PEA parameters and are not
representative of SFA's view.
Base metal concentrations by reef
Ivanhoe’s Platreef boasts the highest
concentration of copper and nickel among all
Africa’s platinum-group metals producers
IVN’s Platreef Project
Mainly Merensky
Main Sulphide Zone
Platreef's potential US$322 per 3PE+Au ounce (net of base-metal by-products)
ranks at bottom of the world’s cash-cost curve
Source: SFA (Oxford). Data for Platreef Project and Waterberg are based on each project’s reported PFS and PEA parameters
respectively, and are not representative of SFA's view.
At 12 million tonnes/year, Platreef
is destined to be the largest platinum-group
metals mine in the world
Source: Production estimates for projects other than Ivanhoe’s Platreef Project have been prepared by SFA (Oxford). Production data for the
Platreef Project (platinum, palladium, rhodium, gold, nickel and copper) are based on reported PFS and PEA data and are not representative
of SFA's view. All metals have been converted by SFA (Oxford) to platinum equivalent ounces at price assumptions of US$1,384/oz platinum,
US$803/oz palladium, US$1,265/oz gold, US$1,173/oz rhodium, US$7.66/lb nickel, and US$3.11/lb copper. Note: As the figures are platinum
equivalent ounces of production they will not be equal to 3PE+Au production.
Recent work on 20-hectare development site
Shaft 1 collar construction
Preparations for sinking of Shaft 1
Production of Shaft 1 will
be an 800-metre-deep,
7.25-metre-diameter shaft.
Shaft 1 is funded from the
US$300 million received
from the Japanese
consortium of ITOCHU,
JOGMEC and JGC Corp.
Earthworks for sinking of Shaft 1
Platreef’s deeply committed community
and construction teams
Flatreef Mineral Resource,
Feb. 2013*
Exploration Targets
Range Tonnes
(Mt)
3PE+
Au
(g/t)
Ni
(%)
Cu
(%)
Target 1
3.7 km2
low 115 3.1 0.23 0.11
high 235 4.5 0.28 0.14
Target 2
7.6 km2
low 260 3.4 0.30 0.15
high 450 4.5 0.35 0.18
Note: These exploration targets are conceptual in nature and there
has been insufficient exploration to define the exploration targets as a
mineral resource. For a discussion on the material assumptions of the
exploration targets, please refer to the Platreef Technical Report.
Untested areas
This area contains:
Indicated – 214Mt @ 4.1 g/t
3PE+Au, 0.34% nickel,
0.17% copper.
Inferred – 415 Mt @ 3.5 g/t
3PE+Au, 0.33% nickel,
0.16% copper. *selective underground mining, 2 g/t 3PE+Au cut-off
Flatreef cross-section
Highest grades occur at top of Platreef
UMT in Flatreef
Drillholes
ATS & UMT shallow
holes
4.2 km
500 m
NE SW
1000
0 m
2000
500
1500
Main Zone
Flatreef
Selective High-Grade Zone
View to northwest
Platreef history
2000-2006: Discovery
of open-pit resource;
563 holes, 187,000 metres.
2007-2012: Discovery
of underground resource;
413 holes; ~443,000 metres.
2010: Discovery of thick
high-grade Flatreef.
2011: 30 drill rigs; discovery
of southwest extension.
2012: Discovery of
Merensky analogue.
2013: Metallurgical and
geotech drilling.
Shaft 1
Location
Coarse-grained sulphides in Flatreef
Chalcopyrite (copper sulphide) + pentlandite (nickel sulphide)
+ pyrrhotite + PGE minerals
Typical Merensky Reef,
Western Limb
Flatreef: Merensky grades at Platreef widths
25 metre intercept @ 9.69 g/t 3PE,
0.45% Ni & 0.22% Cu
~ 0.4 to
1.5
metres
thick
~ 24m Merensky
Reef Flatreef(1)
Grade 4 - 10
g/t 2PE+Au 4.1 g/t
3PE+Au
True thickness
~ 0.4 – 1.5 m 24.3 m
Grade - thickness (g-m/t)
< 5 - 15 99.6
(1) Indicated Mineral Resource,
cumulative T1m plus T2 zones,
2 g/t 3PE+Au (Pt+Pd+Rh+Au) cut-off
Drill hole UMT378
Implications: higher Pt/Pd, better recoveries,
mining can target high-grade zones
~10 c
m
770 m
784 m
UMT 236
pyroxenite
pegmatoid
3 g/t 2PE+Au
cutoff
11.7m,
8.27 g/t 2PE+Au
0.50% Ni
46.17m,
4.00 g/t 2PE+Au
0.35% Ni
2 g/t 2PE+Au
cutoff
0 10 20 g/t 2PE+Au
5.00m, 5.11 g/t
2PE+Au 0.46% Ni 2 g/t 2PE+Au
cutoff
Drill hole TMT006 – lithology and grade profile
Shaft 1
Bulk power from Eskom, South Africa’s state utility
SOUTH
AFRICA Medupi
Platreef is approx. 180 km southeast of Medupi, to be
one of the world’s largest coal-fired power stations.
Medupi expected to begin generating power later
this year; Kusile also presently under construction.
New water pipeline to supply Platreef
The Olifants River Water Resource Development Project, which
includes the Flag Boshielo Dam, is a government-led project
to support expansion of platinum mining and meet community water
needs in Limpopo Province.
The river development
scheme will supply all
of Platreef’s water
requirements.
Ivanhoe is expected
to help co-finance
construction of a new,
high-volume pipeline
to the Platreef Project.
Flag Boshielo Dam
New water pipeline to supply Platreef
Flag Boshielo Dam
FLAG BOSHIELO
DAM
PLATREEF PROJECT
Strong and supportive strategic partners
Itochu, JOGMEC (Japanese government) and JGC
acquired 10% for ~US$300M.
Potential Japanese government-supported
project financing and off-take agreements.
Itochu team site visit,
July 2014
Kamoa
Discovery Democratic Republic
of Congo
May 2015: Landmark agreement
with Zijin Mining to co-develop Kamoa
Zijin to acquire 49.5% of Ivanhoe’s Kamoa stake for a total cash
consideration of US$412 million. Expected closing by July 31, 2015.
“The strategic partnership will turn our respective strengths into synergies
that will create significant value for both Zijin and Ivanhoe shareholders,
as well as the societies in which we operate.”
Chen Jinghe, Chairman, Zijin Mining
“We aim to meet the expectations of the Congolese people and our
stakeholders in Katanga as we proceed to build a world-class,
new copper mine.”
Robert Friedland, Executive Chairman, Ivanhoe
March 2015: PDAC Thayer Lindsley Award
for international discovery of the year
presented to Kamoa Discovery Team
Doug Kirwin Dondog Garamjav Charlie Forster
Redefining the prolific Central African Copperbelt
DRC mines have world’s highest average copper grades.
Kamoa Copper Project
Only world-class Copperbelt discovery in DRC since early 1900s.
World’s largest, undeveloped, high-grade copper discovery.
Positioned to become a low-cost copper producer, with expected
annual mining grades up to 4.7% copper in early years of
production (2013 PEA).
Kamoa 43-101-Compliant Mineral Resource, December 2012
Note: Mineral Resources have an effective date of December 10, 2012. Mineral Resources are reported using a total copper (Cu) cut-off grade of 1% Cu
and a minimum assumed mining thickness of 3 metres. A 1% Cu cut-off grade is typical of analogue deposits in Zambia.
Copper cut-off Tonnage (Mt) Copper Grade Contained Copper
(billion lbs)
Indicated Resource
3.00% 224 3.85% 19.0
2.00% 550 3.04% 36.9 1.00% 739 2.67% 43.5
Inferred Resource
3.00% 19 3.40% 1.4 2.00% 93 2.64% 5.4 1.00% 227 1.96% 9.8
Exploration target:
520-790Mt @
1.6%-2.5% copper.
High-grade open
down-dip to east; open
along strike to south.
Resource delineation
and discovery drilling
ongoing.
Excellent potential
to expand resources
Note: Exploration Targets are conceptual in nature and there has
been insufficient exploration to define such Exploration Targets
as Mineral Resources. It is uncertain if further exploration will
result in these Exploration Targets being delineated as Mineral
Resources.
Completed box cut with access roadway
under construction
Drilling begins at one of the two declines
at the box cut
Source: Brook Hunt – A Wood Mackenzie Company; ten largest copper deposits in the w orld w ith grades >2.5% Cu, by Measured
and Indicated Mineral Resources, inclusive of Mineral Reserves.
19.7
13.8
6.34.6 2.9 1.4 1.0 0.8 0.8 0.8
4.5
5.4
2.53.6
0.6 0.2 0.4 0.50.4
Tenke F
unguru
me
(DR
C)
KO
V
(DR
C)
Konkola
Deep
(Zam
bia
)
Kam
oto
(D
RC
)
Kin
severe
(DR
C)
Sepon (Laos)
Zyry
anovsk
(KA
Z)
Kin
senda
(DR
C)
Las
Cru
ces
(Spain
)
Co
nta
ined
Co
pp
er
(Mt)
2.7% 2.5% 5.4% 4.4% 4.6% 3.2% 2.5% 2.7% 5.1% 5.4%
2.0% 1.9% 3.6% 4.1% 5.0% 2.4% 1.0% n/a 5.3% 1.1%
Inferred
Measured & Indicated
Kam
oa
(DR
C)
Meas. & Ind. Copper Grade (%)
Inferred Copper Grade (%)
Kamoa ranks as world’s largest high-grade
copper discovery
Source: Wood Mackenzie
Note: Measured & Indicated Mineral Resources, inclusive of Mineral Reserves,
and Inferred Mineral Resources, for top ten global deposits with grades >2.5% Cu
World’s top 10 deposits
with over 2.5% copper
Mining Rate 3 - 15 million tonnes/yr
Copper Production 306,000 tonnes/yr
Cash Cost $1.19/lb copper
Initial Capex $1.4 billion
NPV8 @ $3.00 Copper $2.6 billion
NPV8 @ $3.50 Copper $4.2 billion
Mine Life 30 years
Note: The Preliminary Economic Assessment is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to
have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the projected results of
the Preliminary Economic Assessment will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
1. Blister copper phase (Yr5-30) average payable copper production, excluding year 5
2. Life of mine average cash cost after acid credits (before credits $1.38/lb Cu)
3. After-tax NPV, discounted at 8%, assuming a long term copper price of $3.00/lb and $3.50/lb, respectively
(2)
(3)
(1)
(3)
2013 Preliminary Economic Assessment
Positions Kamoa
to become one
of the world’s largest
copper mines, with
the highest grade.
Pre-feasibility study
expected soon.
Annual copper production for world’s
top 20 mines and undeveloped projects
Source: Wood Mackenzie
--
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000
20
13
E C
as
h C
os
t (U
S$
/lb
Cu
)
Cumulative Paid Copper (kt Cu)
(1)
Positioned to become one of the world’s
lowest-cost copper producers
1. Represents C1 cash costs that reflect the direct cash costs of producing paid metal incorporating mining, processing and offsite realization
costs, having made appropriate allowance for the co-product revenue streams. Source: Wood Mackenzie
2013E Copper Cash Costs
Kamoa life-of-mine
average: US$1.19/lb
Mineral zonation schematic section
No artisanal mining.
True thicknesses from 2.4 to 17.6 metres; averages 5.6 metres.
High-grade bornite-chalcocite, open down-dip for expansion.
Note: not to scale
sandstone
West East
Note: not to scale
DRC regional infrastructure
DRC power lines are 10 km from
Kamoa.
Agreement with government to
upgrade three existing hydroelectric
power plants – Koni, Mwadingusha
and Nzilo 1.
Power line supplying Kolwezi.
Nzilo 1 hydroelectric power plant, Katanga.
Mwadingusha dam,
Katanga.
Future power to feed Kamoa and Kipushi
The future Inga III dam is projected to produce 4,500 megawatts
of power, most of which will be routed via Kolwezi to supply
Katangan mines in the DRC and South Africa (2,500MW).
Rebuilt railway to link DRC mines
with Angola’s Atlantic port of Lobito
Reconstruction completed to Dilolo station in DRC.
Sources: Railwaysafrica.com, enr.com, Stratfor & Grindrod
Kansoko Sud assays returned in Q3 2014
Selected highlights of the drill results
at a 1.5% copper cut-off include:
7.26% copper over 7.99 metres
true thickness in Hole DKMC_DD914.
6.16% copper over 4.77 metres
true thickness in Hole DKMC_DD925.
6.42% copper over 3.49 metres
true thickness in Hole DKMC_DD929.
9.12% copper over 4.97 metres
true thickness in Hole DKMC_DD952.
Kansoko Sud section line looking north,
showing 1.5% copper cut-off composites
Kipushi
Mine Democratic Republic
of Congo
Kipushi: world's highest grade zinc-copper mine
in southeast DRC on the Zambian border
Kipushi Zinc-Copper Project
Past-producing high-grade zinc-copper-germanium mine.
Access to mine’s main working level achieved Dec 2013.
Underground drilling program commenced March 2014.
Drilling objective to confirm and expand historical resources.
Historical Resource Estimate
Historical cut-off:
Low grade: 1% < copper < 2% and 7% < zinc < 14%.
Waste: copper < 1% and zinc < 7%.
Note: A Qualified Person has not done sufficient work to classify these historical estimates as current Mineral Resources and Ivanhoe
Mines is not treating such historical estimates as current Mineral Resources. Historical resource estimate by Techpro Mining and Metallurgy
in 1997.
Tonnage (Mt) Zinc Grade Copper Grade
Measured &
Indicated 16.9 16.8% 2.3%
- including Big
Zinc deposit 4.7 38.6% 0.8%
Inferred 9.0 23.3% 1.9%
Kipushi Fault Zone was mined 1924-1993 to ~1,150-metre level.
Big Zinc discovered prior to 1993 closure; never mined.
Successful start-up of underground
drilling program
Initial assays received in July 2014
Three holes drilled in Big Zinc returned zinc grades of
40.9% over 348.5 metres, 44.8% over 339.4 metres, and
33.3% over 305.8 metres.
Internal zones in the first two holes, KPU001 and KPU002,
returned zinc grades of 60.4% over 35.1 metres, 56.3% over
18.0 metres, and 56.6% over 71 metres. These internal
zones also returned germanium grades of 87.2, 120.4 and
111.9 g/t, respectively.
Two holes in the Série Récurrente (Recurring Series) zone
returned bonanza copper and silver grades. Hole KPU008
intersected 11.2 metres grading 17% copper and 89.6 g/t
silver.
20,000-metre underground drilling program
now underway
Drilling at 1,272-metres below surface
April 13, 2015
Drill results confirm
high-grade zinc
south of Big Zinc,
and also copper
and zinc
mineralization
below the historical
resources
April 13, 2015
Drill results confirm
high-grade zinc
south of Big Zinc,
and also copper
and zinc
mineralization
below the historical
resources
April 13, 2015
Drill results confirm
high-grade zinc
south of Big Zinc,
and also copper
and zinc
mineralization
below the historical
resources
Possible geometry of new mineralized zones
in pink and red
Core from Hole KPU008 in the Serie Recurrente zone - 11 metres of 17% copper and 89.6 g/t silver
Depth of 217.0 to 218.5metres
Geology team showing first Big Zinc intersection
of 44.8% zinc over 340 metres
Board of Directors
Robert Friedland,
Executive Chairman and founder
Peter Meredith
Former Deputy Chairman, Ivanhoe Mines (now Turquoise Hill Resources)
William Hayden
Former President, Ivanplats (now Ivanhoe Mines)
Livia Mahler
Former Director, Ivanhoe Mines (now Turquoise Hill Resources)
Charles Russell
Former President, Diamond Fields Resources
Ian Cockerill Former CEO, Gold Fields Lead Independent Director
Oyvind Hushovd
Former CEO, Falconbridge
Guy de Selliers
Former Executive Committee, EBRD
Dr. Marc Faber
Former Director, Ivanhoe Mines (now Turquoise Hill Resources)
William Lamarque
Former Executive Director, Rothschild
Experienced management team
Lars-Eric Johansson
CEO
Marna Cloete
CFO
Mark Farren
EVP, Operations
Dr. David Broughton
EVP, Exploration
Dr. Patricia Makhesha
Managing Director,
Platreef Project
Former Chief Financial Officer of Falconbridge, Noranda,
Kinross Gold and Boliden.
Formerly with PricewaterhouseCoopers; client base
included Rio Tinto, BHP Billiton and Harmony Gold.
22 years at Anglo American Platinum; former Head of
Mining. Most recently led development, commissioning
and operation of Tharisa Mine in South Africa.
Key participant in Kamoa and Flatreef discoveries and
Kansanshi pre-feasibility; involved in Tenke-Fungurume.
Formerly with South African Forestry Company, Group
Global Forest Products, ABSA Group, the South African
Broadcasting Corporation.
Thank you.